The move paves the way for a potential agreement to complete the project.
The Philippines.- PH Resorts Group Holdings (PHR) has announced that its parent company, Udenna, has signed a memorandum of understanding (MoU) with local construction firm EEI. It said the MoU provides an avenue for a potential partnership on the Emerald Bay casino resort in Mactan, Cebu.
“The MOU also paves the way for EEI to execute an agreement with PHR and/or its subsidiaries, Lapulapu Leisure, and Lapulapu Land, to finance, construct, and complete the Emerald Bay Project, upon the execution of definitive documentation,” the company said.
The news follows the termination of a term sheet with the Okada Group’s Tiger Resort Leisure & Entertainment Inc (TRLEI). Universal Entertainment said closing conditions under the Term Sheet “were not or could not be fulfilled”.
PH Resorts obtained a provisional gaming licence from the Philippine Amusement and Gaming Corporation (PAGCOR) for the Emerald Bay Resort in 2017. Development was suspended during the Covid-19 pandemic. It has been hoped that a sale to TRLEI would lead to work recommencing.
For the first half of the year, PHR reported a net loss of PHP494.3m (US$8.67m), an improvement from the PHP1.08bn (US$18.96m) loss in the same period last year. The loss was mainly attributed to ongoing pre-development expenses.
